Cryptocurrency reporting framework discussed at G20 summit

Cryptocurrency reporting framework discussed at G20 summit, prompt implementation decided




The leaders of the 20 countries reaffirmed their determination to continue working together towards a sustainable and modern international tax system.
G20 leaders on Saturday decided to urgently introduce a reporting framework on crypto assets, saying a significant number of member countries want to start sharing information on non-financial assets by 2027.

Crypto Asset Reporting Framework (CARF) A template has been developed to ensure that such non-financial assets are not used by tax evaders to hide unspent assets.

“We call for the rapid implementation of the CryptoAsset Reporting Framework (“CARF”) and changes to the CRS. “We urge the Global Forum on Transparency and Exchange of Tax Information to establish an appropriate and coordinated timetable for the commencement of exchange in relevant jurisdictions,” the G20 leaders' statement, adopted unanimously, said. We request that you do so.”

Leaders of 20 developing and developed countries reaffirmed their commitment to continue working together towards a modern international tax system that is globally fair, sustainable and meets the needs of the 21st century.

“We continue to advocate for the rapid implementation of the international two-pillar tax package. Progress has been made in the "optimized application of the arm's length principle to basic domestic marketing and sales activities" and the completion of work on the development of Pillar 2 Tax Targeting Regulations (STTR), the statement said. It is stated here.

Finance Minister Nirmala Sitharaman told reporters after the summit that G20 countries have made significant progress on the two-pronged solution.

"Work has been done on the exchange of information on real estate transactions between countries. A South Asia Academy pilot program to investigate tax and financial crimes will be launched in collaboration with the OECD," said Sitharaman. said.

Under the Global Tax Treaty, around 140 countries, including India, have agreed to overhaul global tax norms to ensure that multinational companies pay at least 15% tax wherever they operate. Agreed. However, several issues need to be addressed before implementation.

G20 countries call on the OECD to develop a comprehensive framework to quickly resolve several outstanding issues related to the MLC, with a view to preparing for the signing of the MLC in the second half of this year. Ta. And we will complete the work for amount B by the end of 2023.

“We welcome the steps taken by various countries to introduce the Global Base Erosion Prevention Rule (GloBE) as a common approach. "We welcome plans for additional support and technical assistance to developing countries," it said in a statement.

The G20 countries also took note of the OECD reports ``Strengthening international tax transparency in real estate matters'' and the ``World Forum Report on Facilitating the Use of Information Exchanged in Tax Treaties for Non-Tax Purposes.''
Against a backdrop of concerns that investments in foreign real estate are being used to "protect non-declarers", the OECD has announced that it will require automatic exchange of information on real estate assets between countries and access in real time by certain relevant government agencies. proposed the creation of a digitized real estate registry. ”

The report noted that over the past decade there has been a significant increase in foreign-owned real estate assets, with more funds shifting from financial investments to purchasing foreign real estate assets.

The Global Forum report states: Countries are also taking a “whole of government” approach to addressing the challenge of illicit financial flows by sharing information from tax authorities to financial intelligence agencies, anti-corruption authorities, customs, and non-tax authorities such as prosecutors. that needs to be adopted.

India had advocated at the G20 summit for expanding the scope of the Common Reporting Standard (CRS) to include non-financial assets such as real estate under the Automatic Exchange of Information (AEOI) among OECD countries.


Comments

Post a Comment

Popular posts from this blog

Exclusive News For intel Qualcomm has explored buying pieces of Intel chip design business

Image
  Exclusive News For intel Qualcomm has explored buying pieces of Intel chip design business  According to two sources familiar with the matter, the company opened a new tab design business to boost its product portfolio and explored the possibility of acquiring portions of Intel. The people said that the mobile chipmaker was looking at acquiring different pieces of Intel, which was struggling to generate cash and was looking to shed business units and sell off other assets.One of the sources said that they are looking at all of the company's design units, but not Intel's client PC design business. A source with knowledge of Qualcomm's operations said that the server segment of Intel would not make sense for the company to acquire. An Intel spokeswoman said that Qualcomm has not approached Intel about a potential acquisition. The spokesman for Intel said that the company is "deeply committed" to the PC business.The company didn't want to comment. The $184 bill...
Read more

Smartphone Updating

Image
These 4 things change as soon as you update your smartphone, be careful if you ignore them Smartphone: By updating your smartphone, your experience becomes much better, however, ignoring it can also spoil your phone. Some smartphone users do not update the software in the phone. If you also ignore smartphone updates, then doing so can damage your device. Not updating the software for a long time can cause major problems in your phone. Users are not aware of this. In such a situation, today we are going to tell you what problems arise due to not updating the phone. If you have not been updating your smartphone's software for a long time and are ignoring it, then keep in mind that this can cause your smartphone's motherboard to blow up and stop working completely, after which your smartphone will not work for any reason. It will not be of any use and neither can you start it nor can you use it for calling and messaging. lagging problem The problem of lagging is seen in your smart...
Read more

Artificial Intelligence

Image
  Google parent company Alphabet joins $2 trillion club, results show the power of artificial intelligence The stock rose 10% on Friday, its biggest one-day gain since July 2015, adding nearly $200 billion to the company's market value. Alphabet Inc. The stock market surpassed $2 trillion for the first time on Friday as strong earnings data reassured investors that Google's parent company would be a surprise in terms of wisdom. The stock rose 10% to $171.95; This was its biggest one-day gain since July 2015, with a market cap of $2.15 trillion. The result added nearly $200 billion to the company's market value, making it one of the largest single-day gains in company history. Shares are up 23% this year compared to the Nasdaq 100's gain of 5.3%. The company reached the $2 trillion milestone by generating revenue by leveraging the power of the air force. The growth of artificial intelligence is driving demand for the cloud, and Alphabet encouraged investors by announcing...
Read more